Also, the date arguments should be supplied to the function as either:

References to cells containing dates

or

Dates returned from other functions or formulas.

Warning: If you attempt to enter text representations of dates into Excel functions, these can be interpreted differently, depending on the date system and date interpretation settings on your computer.

Excel Oddfyield Function Example

The following example shows the Excel Oddfyield function used to calculate the yield of a security with an issue date of 15-Mar-2011, a settlement date of 01-May-2011, a first coupon date of 30-Jun-2011, and a Maturity date 30-Jun-2015. The security's interest rate is 5.5%, the price is $102 and the redemption value is $100. Payments are made quarterly and the US (NASD) 30/360 day count basis is used:

A

B

1

Settlement Date:

01-May-2011

2

Maturity Date:

30-Jun-2015

3

Issue Date:

15-Mar-2011

4

First Coupon Date:

30-Jun-2011

5

=ODDFYIELD( B1, B2, B3, B4, 5.5%, 102, 100, 4 )

The above Oddfyield function calculates the yield to be 4.65%.

Note that, in the above example:

The [basis] argument has been omitted. Therefore, the function uses the default value 0 (denoting the US (NADS) 30/360 day count basis).

As recommended, the date arguments have been input as references to cells containing dates.

Oddfyield Function Errors

If you get an error from the Oddfyield function, this is likely to be one of the following:

Common Errors

#NUM!

-

Occurs if either:

The issue date is ≥ settlement date;

The settlement date is ≥ first_coupon date;

The first_coupon date is ≥ maturity date;

Invalid numbers are supplied for the rate, pr, redemption, frequency or [basis] arguments.(I.e. if either: rate < 0; pr ≤ 0; redemption ≤ 0; frequency is any number other than 1, 2 or 4; or [basis] is any number other than 0, 1, 2, 3 or 4).